Case Study in Supply and Demand The World Oil Market.

Case Study in Supply and Demand

The World Oil Market

Crude Oil Prices $/

bar

rel

Nominal $ Inflation-adjusted 2011 US$ 2011

Supply: Crude Oil Production

000s

bar

rels

/day

http://www.google.it/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=XhXHvqgFVW1lwM&tbnid=ckkGYKuxM-PteM:&ved=0CAUQjRw&url=http://mjperry.blogspot.com/2012/05/chart-of-day-peak-what.html&ei=N-2tUbucOcXKPebDgZgG&bvm=bv.47244034,d.bGE&psig=AFQjCNEWC7clyz2f9V0ZTnyH_M0jeIVo0w&ust=1370439230104256

$/barrel

(000s of barrels/day) 56,000

64,0000

30

20

Supply 1979

Demand 1979

Change in World Oil Price 1979 -1980

Supply 1980

SUPPLY: Crude Oil Production, OPEC Countries

31,000

23,000

SUPPLY: Crude Oil Production, Non OPEC Countries

Recent Drastic Movements in World Oil Prices

Historical world oil prices and productionhttp://www.eia.gov/petroleum/reports.cfm?t=66

http://www.wtrg.com/prices.htm

Recent world oil prices:http://www.nasdaq.com/markets/crude-oil.aspx?timeframe=8y

Cartoons:Reprinted by paid license permission of CagleCartoons www.caglecartoons.com Cartoonist: Tab, The Calgary Sun, 2/14/2005Cartoonist: John Cole, The Scranton Times-Tribune, 12/19/2014 Reprinted with license permission from CagleCartoons

References

http://www.eia.gov/petroleum/reports.cfm?t=66

http://www.eia.gov/petroleum/reports.cfm?t=66




http://www.nasdaq.com/markets/crude-oil.aspx?timeframe=8y



http://www.caglecartoons.com/

Case Study in Supply and Demand The World Oil Market.

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